Congrats on the purchase, and it looks like you're off to a running start.
I cringe every time someone comes on here and asks the members to 'pick a machine for me'.
Well, the noise and confusion that 20 different people bring to the discussion helps more than you could possibly realize. I don't know how you each got into this hobby, if you are a retired professional machinist, are a relative of one, or you figured this all out long ago, but for me, stepping into it with absolutely no knowledge is beyond daunting. There's so much to learn and consider before purchasing a first machine - and a zillion things you probably can't learn until you have one.
I'm in the process of building a garage, so for the first time in my life, I'll have an actual shop that isn't a basement corner or spare bedroom, and adding metalworking machines is pretty high on my list. I started out looking at Grizzly's 8x16 and 10x22 - little benchtop machines to get my feet wet, and reading lots of forum posts and getting tons of opinions led me to scouring Craigslist looking at Clausing 1301's and wondering just how big a Warner & Swasey #3 turret lathe is - and if I want to sacrifice that much floor space along with a Bridgeport. So the basic questions like
What are you going to use it for and
How much do you want to spend are a little irrelevant to me. As a hobby, I'm fairly aware that it's going to suck up a ton of money and I'm fine with that. I have no idea what I'm going to make, because I don't know what I can make yet. I have a half dozen little widgets in mind, but I'm more interested in learning and expanding on what's possible.
If this was a woodworking forum and people were asking how to get started, even without a shop, I'd be able to add to the discussion what to buy first and which saws are crap because I grew up under the wing of a master woodworker. If we're talking welding, my knowledge there put me through college and beyond. I have maybe 40 hours total on a lathe and mill, so pretty much I defer to you guys for judgement. If someone went on Minnesota's Craigslist or on an industrial machine dealer's site, found me a solid lathe, and said "hey young buck, go buy this here lathe right now," I wouldn't - because my garage doesn't have a roof yet. But in 2-3 months if it's still available, I would, no questions asked.